The government today said India's textiles exports declined 5.9% year-on-year to $14.1 billion during the April-September period because of slowdown in major markets like the US and EU.
"In the April-September 2012, textiles exports have witnessed a 5.9% drop owing to slowdown in major markets like the US ans EU," Textiles Minister Anand Sharma said in a written reply in the Lok Sabha.
In the first six months of the 2012-13 fiscal, textiles exports stood at $14.18 billion, he added.
To boost these exports, the government has reviewed the export norms of the sector under the Foreign Trade Policy 2012-13. The benefits included extension of 2% interest subsidy for handicrafts, handlooms, carpets and SMEs till March 31, 2013 and expanding coverage to garment.
Also, Sharma said, Market Linked Focus Product Scheme has been extended for the exports to the US and EU.
The country's textiles exports stood at $30.4 billion in 2011-12.
Replying to another query, Sharma said, for development of the textiles industry, the government has allocated Rs 25,931 crore in the 12th Five-Year Plan (2012-17). In the 11th Plan, the outlay was Rs 14,000 crore.